Married couples can manage their money according to their will as there are no laws or restrictions on how money should be managed in a marriage. A married couple can do anything with their money as long as they do not break any laws. In very rare cases will the law interfere with a couple’s use of their own money.
No support requirement
When one spouse makes more money than the other in a marriage, the law does not oblige he/she to contribute any money to their spouse.
No reporting requirement
Law does not oblige spouses to report their income to their partners. One may choose to hide assets from their partner, and this is a common practice among many married couples.
No joint bank account requirement
Married couples do not need to open a shared or joint bank account.
Financial bullying can involve a partner spending the couple’s jointly earned money, making the other partner always pay the utility bills, taking out loans in partner’s name, or scrutinizing every dollar the partner spent. The common signs of a financial bully are:
- Taking important financial decisions without involving the spouse
- Making use of spouse’s credit/debit cards without asking
- Controlling spouse’s access to money, through bank accounts or credit cards
- Taking spouse’s wages or benefit payments
- Refusing to contribute towards children’s expenses and household bills
- Putting bills in spouse’s name without contributing to them
- Taking out loans in spouse’s name without helping to repay them
- Taking money from spouse’s bank account
- Stopping the spouse from working
- Using the spouse as a free source of labor
In a marriage, it is important that both the partners contribute equally to the financial matters. If one person solely handles the financial matters in a marriage, it can lead to conflict. It would be great if each partner contributes to household expenses and has their own money within easy access for themselves.
Filing for divorce brings change
When a couple files for divorce, the government will interfere in money matters. Once divorce if filed, one partner can ask the court to order the other partner to pay spousal support or alimony.
Managing money in a marriage can be difficult and challenging for couples. If you have legal issues regarding your finances, or if you need advice on money management in marriage, you should contact a family law lawyer.
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